Nexa is a UTXO-based blockchain like Bitcoin UTXO-based blockchains are naturally more scalable on layer- much easier for validating the security of transactions and they are capable of much more advanced functionality than has so far been take advantage of But we re taking things even further Nexa currently operates on GPU mining but the real magic happens when we leverage Nexa s Proof-of-Work algorithm The mining industry is incentivized to produce specialized hardware such as FPGA s and ASICs that do more than just fast cryptographic hashing Nexa s PoW algorithm currently requires the use of cryptographic schnorr signatures The same type of signature is found in Nexa transactions This means that as the mining network gets ever more efficient which it will as a highly competitive market so will the network s ability to produce and validate signatures This is important as a key scaling bottleneck is an...
Read MoreNexa is a UTXO-based blockchain like Bitcoin. UTXO-based blockchains are naturally more scalable on layer-1, much easier for validating the security of transactions, and they are capable of much more advanced functionality than has so far been take advantage of. But we’re taking things even further.Nexa currently operates on GPU mining, but the real magic happens when we leverage Nexa’s Proof-of-Work algorithm. The mining industry is incentivized to produce specialized hardware, such as FPGA’s and ASICs, that do more than just fast cryptographic hashing. Nexa’s PoW algorithm currently requires the use of cryptographic schnorr signatures. The same type of signature is found in Nexa transactions. This means that as the mining network gets ever more efficient, which it will as a highly competitive market, so will the network’s ability to produce and validate signatures. This is important, as a key scaling bottleneck is an ability for nodes to validate signatures. As the network grows, this bottleneck will simply fall away as an abundance of cheap hardware will be produced that can handle this.In the mid-term, another scaling bottleneck will also be solved this way, UTXO lookups. An upgrade will be made to Nexa’s mining algorithm that will require miners to do fast access of the UTXO set. This will incentivize the creation of hardware to store and rapidly access the whole UTXO set.With these two major bottlenecks out of the way, we expect Nexa nodes to easily handle 100,000 transactions per second, directly on layer-1, without any yet-to-be-developed advanced software. This is enough transactions for 8 billion people.
Read Less
Nexa (NEXA)